April 2009 Monthly Student Review

[ForexJoe]

Greetings,

For April 2009, Please share in this thread:

1. Number of Trades Executed in Practice Regimen Account
and number of + or - pips for April.

2. Number of Trades Executed in Practice Regimen Account treated
like LIVE trading and number of + or - pips for April.

3. Any and all questions, comments along what you think, what you know, and what you can prove about first month of class

4. Currency Pair you chose to stalk

5. Areas of improvement needed for this month

New to Area Students - Keep it Simple Monthly Program

1. Open two practice regimen accounts… one treated as LIVE account
2. Execute ALL trade recommendations in Weekend/Daily Report.
3. Execute any and all trades via position manager
4. Keep a journal to track all trades executed along with note from study.
5. Pick one area, like trend report for at least 30 days and study everyday.
6. Pick a currency pair to stalk and study
7. Review once a week and once a month all you have done to this point

New Students, please comment on spreadsheet chosen for 30 days and share what you think, what you know, or what you can prove on that spreadsheet.

Any questions or comments about that spreadsheet is welcome here in this thread.

Are you ready to move to second spreadsheet for at least two weeks to study?

end of report

Forex Joe

[the boxer]

Hello Joe,

For April 2009,

1. Number of Trades Executed in Practice Regimen Account
and number of + or - pips for April.
40 Trades +300 pips -100 pips. Getting orders in MT4 for the format to take TP1, TP2and gravy train to run on time is a challenge. Still some fine tuning required to enter trade and the set the TP and Gravy train. See result below once I got the MT4 to do what I want for the trade set up.

2. Number of Trades Executed in Practice Regimen Account treated
like LIVE trading and number of + or - pips for April.
41 Trades executed + 2891 pips, - 90 pips

3. Any and all questions, comments along what you think, what you know, and what you can prove about first month of class
Worked on getting Stop loss numbers right and using them correctly. Got the TP1, TP2 and gravy train trades to work and now understand how to set the trade up. Many good ideas in forum to follow and practice.

Completing the Trading plan regiment daily and starting from the Sunday report, wait for Monday market to trade before entering the market. Have Excel (works out TP1 and TP2, Pivot points as per Sunil worksheet) then word doc journal and keep track of trade management (3M's)

4. Currency Pair you chose to stalk
Stalking: EURUSD, GBPUSD, USDCAD, USDCHF

5. Areas of improvement needed for this month
I am working keep improving my trading using Sunil's training and Joe's numbers. Review and use the webinars over and over again till I understand the set up and the required mindset. Always room to improve is my motto!

Cheers,
Lionel W

[Fx-Rich]

Please refer to detailed plan and results from one of the pairs I traded in April, USDCAD, posted in that thread.

I also traded EURUSD, GBPUSD, USDCHF, AUDUSD, AUDJPY, CADJPY, GBPJPY, EURJPY.

I did very poorly when JPYcrosses retraced off previous resistance in mid-month. I was trending bullish and my lack of understanding how far and fast the JPY can retrace caught me off guard. But I recovered did fantastic last week having two days I booked over 1,500 pips. I was amazed.

Right now the JPY is consolidating and I’m not sure of direction. I have long positions in EURJPY, AUDJPY and CADJPY. They have hit PT 1, but I don’t have much wiggle room. I’m expecting another retracement but I don’t want to give up these positive pips so I might close out these positions before stop is hit and go short. I loose my Gravy Train, but I had great profits on the way up.

One problem I have is I want to book profits and I’m not giving GT enough room to run. I was getting stopped out of my 3rd GT position by pip or two many times. Then I would have to enter the markets again.

Another problem I have is going against my pre-conceptions of what the market will do. With Joe’s help, I’ll strictly be a numbers man, and I’ll follow the numbers and not some pre-conceptive idea of where the markets headed

I stock the JPY crosses as a group not only because their volatile nature but also they are so sensitive to government involvement in economies I’m interested in.

Joe, now that interest rates are approaching zero around the world where will that leave the JPY as being the weakest of the weak?

The JPY had gained great strength in the demise of world economies, example EURJPY went from 170.00 in July ‘08 and formed a swing low that is holding in January ’09 at 112.00 a move of 58.00 pips. Price action has rejected 38.20% retracement at 134.01 and now price is channeling off 23.60% fib at 125.67 back up. As world economies improve, especially if interest rates begin to rise to fight off inflation, then I suspect JPY will weaken.

Until then we might have stagflation, and I’m glad to have a strong leader like you as a guide through what that might bring. We are in unchartered waters.

This is my review of April 2009.

Any comments are appreciated,

Richard Butnik, EURUSD, JPY crosses.

[schuon]

Hi Joe and Team,

1. Number of Trades Executed in Practice Regimen Account
and number of + or - pips for April.

This is my second week. I never traded Forex before. For the last two weeks, I've tried to watch the video archive and enter three trades. So far, I am $44.46 positive on my FPL. I'm not sure how many pips that equate to.

2. Number of Trades Executed in Practice Regimen Account treated
like LIVE trading and number of + or - pips for April.

I only have one paper trading account with ThinkorSwim. They are great with Options, I find that they are not very intuitive with Forex. Perhaps, I am new and not familiar with the trade yet. So far I executed three trades, each one with three lots. It appears that majority of the folks here use MT4. I'll give that a try later.

3. Any and all questions, comments along what you think, what you know, and what you can prove about first month of class

I'm experiencing information overload. It seems that you have the class mixed with novice and experienced traders. You have plenty of videos, but I have difficult time grasping the info. Could you a Forex for Dummies, at a slower pace, on the following:
a) Current price for EUR/USD is at x.xxxx
b) How do we use the Key & Bias Number and Daily/Weekend Report to setup trade. Why?
c) how do we incorporate the ST Report?
d) Finally, how do we use the Trend Report based on the current price and direction of the market?

In various videos, I heard you refer to the 12 steps, but I've yet found that video. Sorry, I only have a few hours per week to learn this. Like you said, you love to teach a man how to fish. I'm a bit slow :) I need a standard operating procedure step-by-step how to evaluate a possible trade utilizing all your tools. It's like a workflow or checklist for everyone to use.

4. Currency Pair you chose to stalk

I'm actively stalking EUR/USD. Starting this week, I draw the three channels that you provide on a weekly basis onto my chart. It helps me visually see the price action and determine the next move using S/R numbers.

5. Areas of improvement needed for this month

Joe, refering back to #3, if you could provide a detail example on how to utilize the tools, it would be great. I might be able to enter more trades.

I find that I have to adjust my trading habit for Forex. With options and stocks, I jump in and out. Here, I feel like I need to know entry and exit strategy before I even hit the button. Since I don't know what to do with the data that you provided (still new and striving to learn), I run into this analysis paralysis problem. Sorry Joe, it's not your fault. I just need a lot more helps than others.

[sarath]

Joe here is my Scorecard:



1. Number of Trades Executed in Live trading and number of + or - pips for April.

No Of Trades: 11
Plus Pips : 1775
Minus Pips : 425

Net : 1300

2. Any and all questions, comments along what you think, what you know, and what you can prove about first month of class

Follow the Numbers and Charts for optimum returns and Ignore the News that floats in the market as it might influence your decisions and force an emotional trade that ends with a loss.

Play the bottom and top of channels to avoid whipsaws and getting stopped out frequently

3. Currency Pair you chose to stalk

Eur/USD, GBP/USD, USD/CAD, and few JPY Crosses

5. Areas of improvement needed for this month

I would like to reduce my potential trades to 7 or 8.

Focus on Trades that are in a bottom or top of reversal for maximum returns as not all rallies go past TP1 or TP2

Sarath

[sparksie]

1. Number of Trades Executed in Practice Regimen Account
and number of + or - pips for April.

-1064 between Eur, Gbp and chf Plus 229 in JPY...much beter than previous month...happy with the improvement

2. Number of Trades Executed in Practice Regimen Account treated
like LIVE trading and number of + or - pips for April.

I have not done any trades in this a/c yet. It is a pain to log out and log in again...I use Dealbook 360 so may have to use a separate demo platform.

3. Any and all questions, comments along what you think, what you know, and what you can prove about first month of class.

I know that I way under estimated just what is involved to make myself into the type of trader I want to be...I am so pleased that there is at least 4 classes a week...in fact in my case I truly believe that if it was not for so much consistent teachings I may well have never gotten past where I'm at.

I am definitely on the right path now and picking up better disciplines by the week. I am really enjoying writing out my daily trades and keeping a journal.

I find myself thinking about my trades in a way I could not of imagined pre FXJoe coming into my life and keeping notes of my thoughts. We are all so blessed to have this man and his incredible team on our side.

A great learning for me was just pushing the button with many trades...I made plenty of mistakes with the orders being incorrect...however now I feel very comfortable and confident in executing trades.

To term Sunils phrase...I have become an Alligator trader become patient and waiting for pull backs which magically seem to happen most of the time ...I even told my son that..how cool.

Bring on May I say.

4. Currency Pair you chose to stalk

Euro

5. Areas of improvement needed for this month

Concentrate on the ST21 and hourly centre point reports. I also am trading all trades now like a live account

[dcantin]

Hi,
Here is my april report.
I have only done a practice account until now.
1. 10 trades
2. +167 pips
3. Pair EUR/USD
4. Area of improvement.
I will start doing all trades recommended in the reports
pertaining to EUR/USD and others if time permits.
I have been overwhelmed and find it difficult to focus on what is important in order to make the trades. I will do a better job of just setting up the trades recommended first and foremost.
I need to improve on charting the fib levels and just using the metatrader platform. I make mistakes and sometimes get frustrated that I am not proficient with the platform.
I need to do a better job of scheduling exact times for trading.
Questions:

I am confused about time on the reports. Are those GMT times? I am on Mountain time and thought that good times to trade might be noon to 2,
7 to 9 am (london close?)
4 pm to 6 pm
Do these seem like the best time to trade?

I have been watching for the position manager and I would like to know if we will be notified by the alert service when a position is posted?

I have been focusing on the compressing and compacting channels and short term report and need to continue with that for another 2 weeks.

I have been closing trades if they start going against the direction I thought. Is this a bad idea?
I have had a lot stop out the last week and it seems like I loose a lot of pips by not closing the trades.
Please advise.

Thanks,
Denise

[createwellth]

I finelly got the computer stuff completed so I can participate so got started late-sorry!

April- did 15 trades Practice lost 1200 pips live gained 200 in 3 trades

Need to ;learn better the order part as got in the wrong way once and was fumbling with the s/l etc.Starting to grasp the concepts but must say Sunil has been a BIG blessing to putting things together THEN Joes stuff is easy to understand.

Goal for may to have a much more defined trading plan as I use candles ,s/r,fibs and bias/key numbers. Its slow but starting to gel

Thanks for all you are doing I rreally appreciate it.

[Bob A]

DEMO
15 Trades for plus 235 PIPs

LIVE
25 Trades for plus 597 PIPs

STALKING: EUR

Need to Work On: Executing more trades in the Demo Account to continue to learn the numbers and the system.

Notes: I broke my leg and had ankle surgery the first weekend in May which is slowing me down some early this month.